Lancaster Colony Corporation of the United States reported record sales and earnings for the company“s fourth quarter and fiscal year ended 30 June 1997.
For the year, net earnings reached a record …
Lancaster Colony Corporation of the United States reported record sales and earnings for the company“s fourth quarter and fiscal year ended 30 June 1997. For the year, net earnings reached a record US$ 88.7 million, up 17% from US$ 76.13 million in the last fiscal year. Earnings per share were US$ 3.02 versus US$ 2.56. Net sales were US$ 923 million, an increase of 8% from US$ 856 million last year. Fourth quarter net earnings increased 17% to US$ 24 million or US$ 0.82 per share compared with net earnings in the corresponding three months a year ago, which were US$ 20.6 million or US$ 0.69 per share. Net sales were US$ 227 million against US$ 215 million in the fourth quarter last year. John B. Gerlach, Jr., Chairman and CEO of Lancaster Colony, said, “All three operating groups contributed to our fiscal 1997 growth in sales and earnings. Our glassware and candles group again led the way to these record results, and we are particularly pleased that our specialty foods and automotive groups were also part of that improvement.” On 27 August the firm“s Board of Directors declared a quarterly cash dividend of US$ 0.19 per share on the company“s common stock, payable on 30 September 1997 to shareholders of record on 10 September 1997. The CEO said, “This dividend continues the higher payout level set three months ago and marks the 35th year that Lancaster Colony has increased cash dividends each year.” The September payment will be the 137th consecutive quarterly cash dividend paid by the company since September 1963. The CEO stated that the indicated annual payout for the new fiscal year is US$ 0.76 per share, up from US$ 72 per share paid in the fiscal year ended 30 June 1997.